Can private money be used to take over foreclosures and REO’s?
I would imagine at this stage, banks would want cash buyers!
Yes.
Herman
Herman A. Brunson, Jr.
HBInvestCo, Inc.
If you have private money then you are a cash buyer and the bank doesn’t care where the money came from or from whom.
donrock
Cash is King in this market.
i am not to sure on the they do not care where the money comes from
I have spoke with some people lately who want to know where the funds are comming from to make your deal
Be it all cash / or part funding
I did not do any business with them but there are some who want to know every little thing on a deal
realestate001,
When you’re talking about a down payment on a conventional loan the lender often does want to know but on a cash deal it won’t be a problem especially with a foreclosure or a REO.
donrock
DONROCK
I know this to be a fact
But there are still places out there who want to know every move and detail of your deal
Even if it is cash / as iam thinking they want to be sure of something i can not see what it may be
They are not people iam dealiing with but just giving a heads -up on it
I say i have cash and you have a property selling it or i move on
Just like in sub2 person wants to know credit and more infromation then iam gone
They are not ready to fix there troubles
this site cracks me up.
anyway - proof of funds - bank will want to see the casheesh in an account you or your firm has access to - not "oh yeah, i have the money from a ‘private investor’…
no.